How Technology is Facilitating Faster Payments

If there’s anything we’ve learned that technology can do for us, it’s that we can get things fast. From searching for new recipes online to downloading a new album to your phone, we’ve never had quicker access to information than we do now. 

Sending and receiving payments are no different now. Not only do we expect instant gratification for our information, we also expect to be able to pay for what we want just as fast. In fact, even the Federal Reserve developed a new round-the-clock real-time payment and settlement service to support faster payments.

Now that technology has caught up to the payment process, businesses are needing to catch up just to keep their clients happy. In the past, wire transfers or paper checks could take days before being fully processed. But now? Clients have experienced a level of speed and convenience for their payments that they now consider necessary. That’s why the acceleration of the payment process is now considered a standard for many businesses and customers. With this instant access becoming the new normal, it’s time for insurance companies to step up their game.

If you’re looking to speed up your processes, here’s what you need to know.

Improved Availability

As consumers are able to send and receive payments more quickly, this also opens up easily available solutions. With faster payments available on a 24/7 basis, customers can benefit from additional flexibility to quickly complete transactions and monitor their accounts. In addition, if faster payments solutions are able to take the place of checks, then small businesses and under banked consumers can receive funds more quickly. 

Safe and Secure Payments

People tend to think that digital payments allow for more risk. The truth is just the opposite.

Faster payments can reduce the risks in the current system by shortening delays between payment initiation, clearing, and settlement. Quick confirmation means payments are secure and customers are able to ensure they’ve paid, benefiting both parties.

What Can AndDone Do?

AndDone is here to bring streamlined payments to insurance agents. Our premium insurance payment platform allows a more sustainable way for your business to manage payment collection and plans. From our unmatched payment collection services to better customer relationships, our digital solution simplifies every step for you.

Turn your outdated processes into powerful client management tools. Get started with AndDone today.